Dow higher for 7 days straight as China deal could happen “any moment”
|Stocks were higher today on positive trade news.
The major indices were higher at the open after President Trump agreed to delay tariff increases on Chinese goods by two weeks.
And on CNBC, Treasury Secretary Steven Mnuchin said that Trump could make a deal any moment.
Stocks rallied on the news.
But after the strong start, stocks traded sideways for most of the day and eventually finished near today’s open.
With today’s rally, the S&P closed 0.6% below its record high. And the DOW closed 0.8% below its record, extending its winning streak to seven straight days.
Here’s where the major indices ended the day:
- The S&P finished with a 0.3% gain. Up 9 points, the S&P ended at 3,010.
- The DOW ended higher by 0.2%. Adding 45 points, the DOW closed at 27,182.
- The NASDAQ was up 0.3%. With a 25 point gain, the NASDAQ finished at 8,194
Crude Oil (CL) finished lower for the 2nd day in a row. With a 1.2% loss, CL ended at $55.09 a barrel.
Chipmakers did well after the tariff delay. Advanced Micro Devices (AMD) jumped 1.5%.
And the European Central Bank (ECB) gave a reason for stocks to rally, by cutting rates again (now negative 0.5%) and announcing a bond-buying program. Traders hope that the stimulus will help the European Union, and possibly stimulate the global economy.
In earnings news, Oracle (ORCL) was lower by 4.3% after reporting numbers that were below expectations.
Tomorrow Retail Sales will be in the spotlight.
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